Kentucky Internal Revenue Service Ruling Letter
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How to fill out Internal Revenue Service Ruling Letter?
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FAQ
Kentucky law lowers personal income tax rates for 2023 and 2024 and removes triggers for future rate cuts. On February 17, 2023, Kentucky Governor Andy Beshear signed into law H.B.1, which lowers the state personal income tax rate to 4.5% retroactive to January 1, 2023, and to 4.0% effective January 1, 2024.
If you received a letter from us, your return has been selected for identity confirmation and verification is required in order to complete the processing of your tax return.
A private letter ruling, or PLR, is a written statement issued to a taxpayer that interprets and applies tax laws to the taxpayer's represented set of facts. A PLR is issued in response to a written request submitted by a taxpayer. A PLR may not be relied on as precedent by other taxpayers or by IRS personnel.
House Bill 1 ? Lowering Individual Income Tax Rate ? As expected based on our discussions in prior articles, H.B. 1 proposes reducing the individual income tax rate to 4.5% beginning in 2023 and 4% beginning in 2024.
This amount will be incorporated into 2024 tax forms and should be used for tax planning in the new year. The individual income tax rate for 2024 has also been established to be 4.0%, a reduction by . 5% from the 2023 tax rate.
? ??A levy is one method of collection action that the Division of Collections may use to collect a liability that has not been paid. The Division of Collections has administrative authority to issue levies. We do not have to go to court, but we must attempt to notify you by certified mail.
Kentucky has met these conditions in the past two legislative sessions, allowing for votes by the General Assembly to reduce income taxes in 2022 and 2023. Our current rate is 4.5 percent, but on January 1, 2024, Kentucky's individual income tax rate will fall to just 4 percent.
Effective today, over 30 new service categories are now subject to a 6% sales tax. The changes come after House Bill 8 passed in 2022. The bill lowers income taxes from 5 to 4.5%, but expands sales taxes to a variety of services, from personal fitness training to rideshares to cosmetic surgery and more.